Nowadays, the word entrepreneur has gained a new found respect and opens up a world of opportunities. Every mind in this country whether young or old has at least one idea that they think they could convert into a successful product.
While simple ideas have gone on to create some of the biggest brands like Amazon or Paytm, making a startup successful is much more than just an implementation of an idea.
Some of the top five things which are highly important to consider when planning to build a Private Limited Company in India are:
The idea
Your idea of your product or startup (as or not as a Private Limited Company in India) is an essential part that will give birth to your startup. There may be many other reasons due to which you want to become an entrepreneur, but the most important reason should be a firm belief in your idea or product. Sometimes, you may have as much as only fifteen minutes to sell your product to an investor or to pitch your idea or to explain it to an interested client. You must develop your idea and wrap it up in an irresistible package.
The implementation
Your idea could be one of the best in the market but it is going to be a total waste if you do not implement it perfectly. While stories of lucky entrepreneurs who easily hit the jackpot do sound intriguing, when you actually start a startup very less can be left on chance.
You must have a plan A, which in the case of failure should be followed by plan B and if that fails you should always have a plan C up on your sleeve.
Before starting, plan your every step carefully and think of all the things that could go wrong on every step. Give a fixed amount of time for every plan and if it does not work out, switch to another method of pursuing investors, or look for exposure for your product by following different marketing procedures.
Remember, everything that can go wrong will go wrong, so always be prepared to solve one problem after another and be prepared for the worst.
A budget
Many people have the misconception that if they have a fixed amount of money saved over the years they are ready to go. But, when you start budgeting for a Private Limited Company in India, no matter how much amount of money you have, it is bound to get used up eventually. You will find yourself out of funds pretty quickly if you do not have a fixed budget. It is, therefore, necessary to bring an accountant on board. Consult with them before you start. Tell them your starting amount, your budget, and your break-even point.
Make sure that you get the thumbs up from them regarding the feasibility of carrying out your plans in accordance with your budget. Make plans to pursue investors and no matter what, stick to your budget. It may take some amount of time before you start gaining a profit, so make sure you have plans and means of sustenance till then.
Build up the right network
The most important thing for your startup will be to get enough exposure in the right market. Many of the successful people have made it possible by being at the right place and at the right time. Make sure that you build up a network of people in the industry where you want your startup to get exposure. This can be achieved by knowing the right people and building up contacts that will eventually introduce you to the right investors.
Nowadays, the concept of startups convention and networking among the same has gained great momentum. Attend every convention and place where you think you might get the correct contacts. The competitions like the best startup of the year or competitions for content should be taken and attended seriously if you are just starting. They will help to bring the name of your startup into the limelight and also give you credentials to boast of.
Be prepared for a thundering exit
Lastly, no matter how carefully you plan or execute things might not be in your favor. Always keep an exit strategy up your sleeve. Make sure that you gain at least break even point when you give up your startup even if you are not able to manage a profit. Build up a database you can sell, or a client list, an investor list that some other potential startup in your industry may be dying to get their hands on for the right amount of money.
If you have the right exit strategy in mind, you will always be confident because you know that in the end, there is something that is covering your back and protecting you from complete destruction. Be prepared to move on to better or bigger things by selling your domain if the opportunity rises. Make the best of every chance you get, you never know which of them may lead you to become the next Steve Jobs.